COMPANY NOTES
ENSTOCK TRUST returns pre-tax profits for the year to March 31, 1960, of £86,428, as against £76,807 for a fifteen-month period. The Company owns Frank H. Ayling, engineers. One of the companies in this group is moving from Croydon to Llanelly, whilst the extensq' to the heavy engineering factory at Horsham will be completed this year. The company also owns a substantial interest in Klinger Manufacturing, hosiery and knitwear manufacturers, which con- cern resumed dividends with a payment of 10 per cent. for the year to September 30, 1959. General investments have increased in value by £107,000. The chairman, Mr. G. R. S. Doyle, expects that the current year's trading should produce profits at least as good as last year, in which case the 2s. ordinary shares at 3s. 6d. yield-
ing 6.9 per cent. on the 12 per cent. dividend seem to have possibilities for the future.
International Tea Stores preliminary profit statement for the year to April 30, 1960, reveals an increase in the pre-tax profit, from £2.26 mil- lion to £2.65 million. The company has, during the past year, converted a number of its stores to 'self-service' and intends to expand its num- ber of branches. Finance necessary for this expansion is being provided by the sale of a number of freehold properties, which the com- pany will lease back. These transactions will provide a considerable surplus. Progressive management will ensure increasing profits, so that at today's price of 13s. 9d. for the 5s. ordinary shares, a yield of 4.6 per cent. is available on the 121 per cent. dividend-an increase of 24 per cent. These shares are certainly worth keeping as future prospects appeal' to be excellent. W. .1. Rush, makers of fine chemicals and flavouring essences, have achieved a record-year's trading for 1959. The gross profit has increased by 37 per cent. and the net profit (after tax) at £457,978 compares with £313,643 for the previous year. In 1957 there was one-for-two scrip issue and in 1959 a one-for-three scrip issue, it is now proposed to make another scrip issue of one-for- two. The dividend of 14 per cent. is maintained on the enlarged capital and is covered by earnings of 60.7 per cent. Although competition is keen, the chairman, Mr. Eric L. Bush, states that results for the first five months of this year show an encouraging increase in turnover over the cor- responding period of last year. The balance sheet is exceptionally strong, net current assets include £889,000 in cash bills and deposits and more than. £600,000 is invested in British and USA govern- ment securities. Naturally enough, the £1 ordin- ary shares at 75s. are on a low yield basis of 3.7 per cent., but in view of the dividend cover and the reserves there is plenty of scope for an increased dividend in the future.
Lesbrook issue their first statement of accounts as a public company for the year to March 31, 1960. The company arc engineers at Birmingham specialising in the manufacture of pressings and stampings in sheet metal The prospectus estimate of profits was £100,600, the trading profit is actually £125,470. During the past year £37,000 has been invested in plant and premises and the directors are prudently transferring £26,000 to reserve for the provision of future taxation as they expect that the present rate of profits will be maintained. The net profit (after tax) is £69,020, from which a dividend of 25 per cent. absorbing £22,969 is to be paid. There would appear to be scope for improvement in the price of the 2s. ordinary shares at 7s. 6d., which now yield 6.6 per cent. as the chairman, Mr. E. J. L. Brook is hope- ful of having another year's successful trading.
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